George Osborne delivers autumn statement

Chancellor of the exchequer George Osborne has stood up in the House of Commons to deliver his autumn statement and outline the government's plans for the ailing British economy.

Detailing future plans on taxation, spending, and cuts, the much-anticipated statement comes after weeks of speculation. Follow the chancellor's speech as it happens here...

* The UK must demonstrate that it is able "to live within its means" if it is to avoid slipping back into recession, Chancellor George Osborne said today.

He said growth forecasts from the Office of Budget Responsibility showed that, while a double-dip recession could be avoided, it depended on the survival of the eurozone.

Mr Osborne told the Commons that the Government "would do whatever it takes to protect Britain from this debt storm" in Europe, while at the same time "building the foundations for growth".

* "By acting to stimulate the supply of money and credit to make sure those low interest rates are passed on to families and businesses, by matching our determination on the deficit with an active enterprise policy for business and with lasting investment in our infrastructure and education so that Britain can pay its way in the future.

"And at every opportunity helping families with the cost of living."

* Mr Osborne said that the OBR's central judgment was that the Government will meet its fiscal mandate of eliminating the structural deficit by 2015/16 - a year after the next general election.

"We are set to meet our budget rules and we are going to see Britain through the debt storm," he told MPs.

Borrowing was falling "but not at the rate that had been forecast", he said.

He said the OBR expected it to be £127 billion this year - falling to £24 billion a year by 2016/17.

Lower market interest rates meant repayments would be £22 billion less than predicted over the course of the parliament, he said.